Crypto Regulations To Be Introduced in a Year, Australian Senator Says

Andrew James Bragg, Australia’s senator for New South Wales, has recognized that cryptocurrency aficionados in the country are eager to acquire legislation governing their operations in the country.

Bragg said in an official statement on Tuesday that a clear and comprehensive regulatory framework for digital assets, among other things, would promote market stability.

Bragg, the head of the Senate Select Committee on Australia as a Technology and Financial Center, said that the country’s crypto sector has become even more keen for rigorous regulation as the industry has progressed to the mainstream acceptance stage.

To my surprise, I’ve never seen an industry so keen for regulation. Almost everyone I’ve spoken to in this industry understands that regulation would bring credibility and validity to this sector that had been cast aside by many as fanciful and illegitimate for its 12 year lifespan.

Senator Bragg’s remarks come only a few weeks after his senate committee issued a report outlining 12 proposals for creating comprehensive and favorable laws for the crypto sector.

The proposed legislation aims to address some of the biggest difficulties confronting Australia’s digital asset market, such as new exchange licenses and tax breaks for miners who use renewable energy.

According to Bragg, an effective regulatory framework would allow crypto investors to take control of their funds and remove any doubts.

Regulatory certainty on digital assets will also allow Australia to compete with some of the world’s top crypto jurisdictions, such as the United Kingdom, Singapore, and the United States.